Microsoft founder Bill Gates pledged that 99% of the wealth he’s accumulated from his career in the technology industry and beyond will go to the Gates Foundation.
The donation would be an estimated $107 billion, one of the largest charitable donations ever. Warren Buffett, previously a board member of the Gates Foundation, has made a similar pledge of his fortune, which stands at an estimated $160 billion.
“It’s kind of thrilling to have that much to be able to put into these causes,” Gates, 69, told the Associated Press.
AP is among the recipients of Gates Foundation funds. The U.S. Agency for International Development, which is undergoing a major restructuring, has received some $30 million from the Gates Foundation over the years. Further donations have gone to advancing technology and medical solutions in developing countries.
Gates also announced a tighter deadline for his foundation, ordering its closure in 20 years. The foundation began in 2000, giving it a total lifespan of less than 50 years.
“More recently, with the input from our board, I now believe we can achieve the foundation’s goals on a shorter timeline, especially if we double down on key investments and provide more certainty to our partners,” Gates said in a press release.
The foundation wants to eradicate infectious deadly diseases, combat poverty, and decrease deaths among babies, children, and mothers by December 31, 2045.
BILL GATES’S CHARITY DEEPLY INVESTED IN CHINESE MILITARY COMPANIES
“Having that time horizon and the resources just puts an even greater burden on us to say, ‘Are you actually putting your resources, your thumb down, on what are going to be the biggest, most successful bets rather than scattering it too thinly?’” Gates Foundation CEO Suzman told AP.
During its first 25 years, the Gates Foundation spent $100 billion on its endeavors. With Gates’s donation, it will now have double the amount to spend before its deadline.